How we will pay in 2025

Over the next few years, the number of non-cash payments is expected to continue to grow due to the rise in number and efficiency of alternative payment methods. This is the product of several factors:

On one hand, consumers are increasingly demanding about their requirements of service providers and expect greater flexibility and immediacy in their payments. On the other, technology is changing the financial landscape beyond all recognition – leading consumers to interact as much with smartphone manufacturers and social media as the financial services industry. Add to this mix global tech giants like Google, Apple, Facebook, and Amazon, who are already exploring the payment market with branded solutions, hoping to capitalize on their huge user bases.

The next wave of payments

Context-based payments

seek to increment sales through ‘invisible’ payment solutions, trialed in the US by Amazon Go, and globally by Uber, which encourage customer retention by removing the payment experience almost completely.

Consumer-centric payments

is extending beyond fingerprints, to encompass video ID for simple onboarding of new customers. Juniper forecasts wearables with a payment function will rise to 40 million by 2021.

Mobile apps will use smart recommendations

with loyalty payments and retargeting opportunities using consumers’ location data. Part of the Convego® Hub from G+D, AppWorld makes this a reality by managing credentials across channels.

Real-time payments

are already happening across the world, encouraged by government regulators looking to promote economic growth and improve customer services. Discover Convego® Hub from G+D.

Countries are exploring their approach to digital money

Security and efficiency must go hand in hand in the evolving world of payments. Emerging payment trends will only reach a relevant level of scale if the fundamental requisites for security and trust are addressed. Much the same applies to digital money.

G+D is at the forefront of driving technologies that ensure protection and trust in both financial transactions and the currencies they use. Nowhere more so is this train of thought needed than with the rollout of government-sponsored initiatives designed to promote more efficient and transparent payment systems.

Today, many governments and central banks are analyzing the prospects of a regularized version of digital money, a so-called digital currency. However, only a few central banks indeed have concrete plans on issuing a digital currency as the complexity is high and involves additional risks. Nevertheless there are many initiatives on exploring the potentially high efficiency of digital money. For its success as widely used payment system a high security solution is mandatory.

With security comes trust

The trend of digital money is crucial to the growing payments ecosystem. This is why G+D has put a think tank in place to look after all these solutions.

This is needed as much during transactions as it is for identity protection and to protect data privacy. All solutions used in the future, as we go fully digital, will need to confront the rising risk of fraud. For the ecosystem to work it needs to be trusted. And, 2025 is closer than you think.

Giesecke & Devrient Mobile Security Russia, OOO

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